Micro: Chapter 14 - Custom Scholars
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# Micro: Chapter 14

question
the opportunity cost of a firm's production is:
the highest-valued alternative forgone
question
opportunity cost include both _________ and _________.
explicit; implicit
question
the explicit cost is:
a cost paid in money
question
explicit costs are:
opportunity costs
question
the implicit cost is:
an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment.
question
what are the two main implicit costs:
economic depreciation
the cost of using the firm owner's resources
question
_________________ is an opportunity cost of a firm using capital that it owns
economic depreciation
question
a firms ______________ equals total revenue minus total cost
economic profit
question
the __________ is a time frame in which the quantities of some resources are fixed
short run
question
the ___________ is a time frame in which the quantities of all resources can be changed.
long-run
question
what are the three related concepts we use to describe the relationship between output and the quantity of labor:
total product: marginal product: average product
question
total product is the
total quantity of a good produced in a given period
question
______________is the change in total product that results from a one-unit increase in the quantity of labor emplyed
marginal product
question
equation for marginal product
marginal product= change in total product / change in quantity of labor.
question
the _________ the slope of the total product curve, the _________________is the marginal product.
steeper; greater
question
_________________________ occur when the marginal product of an additional worker exceeds the marginal product of the previous worker
increasing marginal returns
question
what happens when a small number of workers are employed and arise from increased specialization and division of labor in the production process.
increasing marginal returns occur
question
_____________ occur when the marginal product of an additional worker is less than the marginal product of the previous worker.
decreasing marginal returns
question
what arise from the fact that more and more workers use the same equipment and work space.
decreasing marginal returns
question
which law states: as a firm uses more of a variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases.
law of decreasing returns
question
______________ is the total product per worker employed
average product
question
average product equation
average product= total product / quantity of labor
question
what is another name for average product
productivity
question
when marginal product is _________ than average product, average product is ____________.
less; decreasing
question
when marginal product __________ average product, average product at its __________.
equals; maximum
question
_______________________ is the cost of a firm's fixed factors of production used by a firm- the cost of land, capital, and entrepreneurship
total fixed costs
question
_______________ is the cost of the variable factor of production used by a firm- the cost of labor
total variable cost
question
how is it possible to change its output in the short run?
the firm must change the quantity of labor it employs, so total variable cost changes as output changes.
question
the vertical distance between the total cost curve and the variable cost curve is __________________________
total fixed cost
question
a firm's _______________ cost is the change in total cost that results from a one-unit increase in total product
marginal cost
question
_______________is total fixed costs per unit of output. this value falls as output increase
average fixed costs
question
______________is total variable cost per unit of output
average variable cost
question
______________is total cost per unit of output
average total cost
question
a firm's average variable cost curve is linked to its ___________________
average product curve
question
if average product ________, average variable cost _______.
rises;falls
question
if average product is a ______________, average variable cost is a ___________
maximum; minimum
question
a firm's marginal cost curve is linked to its __________
marginal product curve
question
if marginal product _______, marginal cost ________
rises; falls
question
if marginal product is a ___________, marginal cost is a ___________
maximum,minimum
question
at small outputs,
__ and __ rise and
__ and ___ fall.
MP;AP
MC;AVC
question
at intermediate outputs,
__ falls and __ rises and
__ rises and ___ falls.
MP;MC
AP;AVC
question
at large outputs,
__and __ fall and
__ and ___ rise
MP;AP
MC;AVC
question
________________features of a firm that make average total cost rise as output increases
diseconimies of scale
question
______________are features of a firm that keep average total cost constant as output increases.
constant returns to scale
question
the _____________shows the lowest average cost at which it is possible to produce each output when the firm has had sufficient time to change both its plant size and labor employed.
...
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question
the opportunity cost of a firm's production is:
the highest-valued alternative forgone
question
opportunity cost include both _________ and _________.
explicit; implicit
question
the explicit cost is:
a cost paid in money
question
explicit costs are:
opportunity costs
question
the implicit cost is:
an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment.
question
what are the two main implicit costs:
economic depreciation
the cost of using the firm owner's resources
question
_________________ is an opportunity cost of a firm using capital that it owns
economic depreciation
question
a firms ______________ equals total revenue minus total cost
economic profit
question
the __________ is a time frame in which the quantities of some resources are fixed
short run
question
the ___________ is a time frame in which the quantities of all resources can be changed.
long-run
question
what are the three related concepts we use to describe the relationship between output and the quantity of labor:
total product: marginal product: average product
question
total product is the
total quantity of a good produced in a given period
question
______________is the change in total product that results from a one-unit increase in the quantity of labor emplyed
marginal product
question
equation for marginal product
marginal product= change in total product / change in quantity of labor.
question
the _________ the slope of the total product curve, the _________________is the marginal product.
steeper; greater
question
_________________________ occur when the marginal product of an additional worker exceeds the marginal product of the previous worker
increasing marginal returns
question
what happens when a small number of workers are employed and arise from increased specialization and division of labor in the production process.
increasing marginal returns occur
question
_____________ occur when the marginal product of an additional worker is less than the marginal product of the previous worker.
decreasing marginal returns
question
what arise from the fact that more and more workers use the same equipment and work space.
decreasing marginal returns
question
which law states: as a firm uses more of a variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases.
law of decreasing returns
question
______________ is the total product per worker employed
average product
question
average product equation
average product= total product / quantity of labor
question
what is another name for average product
productivity
question
when marginal product is _________ than average product, average product is ____________.
less; decreasing
question
when marginal product __________ average product, average product at its __________.
equals; maximum
question
_______________________ is the cost of a firm's fixed factors of production used by a firm- the cost of land, capital, and entrepreneurship
total fixed costs
question
_______________ is the cost of the variable factor of production used by a firm- the cost of labor
total variable cost
question
how is it possible to change its output in the short run?
the firm must change the quantity of labor it employs, so total variable cost changes as output changes.
question
the vertical distance between the total cost curve and the variable cost curve is __________________________
total fixed cost
question
a firm's _______________ cost is the change in total cost that results from a one-unit increase in total product
marginal cost
question
_______________is total fixed costs per unit of output. this value falls as output increase
average fixed costs
question
______________is total variable cost per unit of output
average variable cost
question
______________is total cost per unit of output
average total cost
question
a firm's average variable cost curve is linked to its ___________________
average product curve
question
if average product ________, average variable cost _______.
rises;falls
question
if average product is a ______________, average variable cost is a ___________
maximum; minimum
question
a firm's marginal cost curve is linked to its __________
marginal product curve
question
if marginal product _______, marginal cost ________
rises; falls
question
if marginal product is a ___________, marginal cost is a ___________
maximum,minimum
question
at small outputs,
__ and __ rise and
__ and ___ fall.
MP;AP
MC;AVC
question
at intermediate outputs,
__ falls and __ rises and
__ rises and ___ falls.
MP;MC
AP;AVC
question
at large outputs,
__and __ fall and
__ and ___ rise
MP;AP
MC;AVC
question
________________features of a firm that make average total cost rise as output increases
diseconimies of scale
question
______________are features of a firm that keep average total cost constant as output increases.
constant returns to scale
question
the _____________shows the lowest average cost at which it is possible to produce each output when the firm has had sufficient time to change both its plant size and labor employed.
...

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